Global silver demand is forecast to reach 1.2 billion ounces in 2024, which would mark the second-highest level on record, the Silver Institute said in a recent report.
"We think silver will have a terrific year, especially in terms of demand," Michael DiRienzo, executive director of the Silver Institute told CNBC.
He expects silver prices to reach $30 per ounce, which would be a 10-year high, according to data from LSEG.
Silver prices, like gold, tend to have an inverse relationship with interest rates.
In contrast, gold prices usually rise during times of economic weakness or uncertainty.
Persons:
Nicky Loh, Michael DiRienzo, Randy Smallwood
Organizations:
Silver Bullion, Bloomberg, Getty, Silver Institute, CNBC, Wheaton, Metals, U.S . Federal Reserve, Wheaton Precious Metals, Vw
Locations:
Singapore, India, U.S